Property values are continually changing.
Usually, home values appreciate in the long term.
But there are no guarantees in real estate, of course.
When your home appreciates you have a greater asset to borrow against, and you'll generate a higher profit when you sell.
There is a variety of reasons why property values in Burlington rise and fall. So, how will you know what you're purchasing today will appreciate over time?
The most important thing to consider is that you go with a real estate agent in Burlington who recognizes the factors that influence local prices.
Many assume that the economy is the major factor affecting real estate appreciation.
there are numerous issues on a national level that impact your property's value: unemployment, mortgage rates, the stock market, and more.
However, your property's value and the things that play the most significant role in its appreciation are particular to the local Burlington economy and housing market.
Access to services - People typically want homes in the regions with the most convenient places we go often or everyday, such as our schools and jobs.
So when it comes to retaining their value, these regions typically appreciate the best.
The latest home sales - You should receive statistics on the recent real estate sales in the regions that you're interested in from your real estate agent. You'll want to learn data like how long a house stays on the market and seller discounts.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have home prices gone up or down over the past 5-10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mixture of work in an area, or does it depend on just one industry? Is the mix of commercial and residential zoning changing?
All these play a part.